JPMorgan Chase to offer clients access to Bitcoin, despite CEO Dimon's continued criticism
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JPMorgan Chase is taking a significant step into the world of digital assets by allowing clients to buy Bitcoin—despite its CEO Jamie Dimon 's longstanding criticism of the cryptocurrency.'We are going to allow you to buy it,' Dimon said during JPMorgan's annual investor day on Monday. 'We're not going to custody it. We're going to put it in statements for clients.'This marks a notable shift for the largest U.S. bank and signals Bitcoin's growing acceptance in mainstream finance. The bank is expected to provide access to Bitcoin exchange-traded funds (ETFs), according to a source familiar with the plans. Previously, JPMorgan limited its crypto exposure mainly to futures-based products.Dimon, however, reiterated his scepticism, linking Bitcoin to illicit activities such as money laundering, tax evasion, and terrorism. 'I don't think you should smoke, but I defend your right to smoke,' he said. 'I defend your right to buy Bitcoin.'The move follows similar steps by Morgan Stanley, which since August has allowed financial advisors to offer spot Bitcoin ETFs to qualifying clients. Morgan Stanley CEO Ted Pick recently said the bank is exploring further involvement in crypto markets, especially under what's seen as a more crypto-friendly regulatory environment under President Donald Trump.Since Trump took office in January, regulators have rolled back some restrictions. The FDIC and OCC have withdrawn previous anti-crypto guidance, and the Federal Reserve has partially eased its stance. Although banks can now custody digital assets following the repeal of accounting rule SAB 121, limitations remain on certain direct engagements with crypto firms.Dimon's opposition to Bitcoin has been well documented. In 2021, he called it 'worthless,' and in a Senate hearing last year, he said the primary use cases for crypto were 'criminals, drug traffickers … money laundering, tax avoidance.' At the 2024 World Economic Forum in Davos, he called Bitcoin 'the pet rock.'Despite Dimon's personal views, JPMorgan's latest move reflects growing demand from investors and the ongoing normalisation of crypto in traditional finance.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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